March in Real Estate
Spring is in the air and the nature is waking up from its wintery rest and hibernation (including myself!). Last few weeks have been quite busy for me therefore there was no time to contribute with an article in the last Discovery newsletter. In this edition however, I would like to share March statistics with you.
Inventory in the Vancouver Island Real Estate Board (VIREB) area is slowly inching up but is still far from ideal.
In Campbell River, the benchmark price of a single-family home hit $722,400 in March, up by 28 per cent from the previous year.
Benchmark Price for an apartment: $363,300.
Benchmark Price for a Townhouse: $537,300.
Quadra Island in March had 2 new listings, 2 sold (pending), 2 cancelled, and 1 expired listing.If you would like more details including “sold prices” go to my website and sign up and log in for free to members only area that will provide that information www.quadrarealty.ca
March on Cortes Island had 1 new listing listed at $775,000 and 3 pending.If you would like more details including “sold prices” go to my website and sign up and log in for free to members only area that will provide that information www.quadrarealty.ca
For the second month in a row, sales activity not only reached a monthly high but also hit new record highs for any given month. Gains occurred across every property type as they all hit new record highs.
“While supply levels have improved from levels seen over the past four months, inventory levels are still well below what we traditionally see in March, thanks to stronger than expected sales activity,” said CREB® Chief Economist Ann-Marie Lurie. “With just over one month of supply in the market, the persistently tight market conditions continue to place significant upward pressure on prices.”
The benchmark price of detached homes in the city of Calgary hit $620,500; semi-detached: $478,400; row home: $335,400; apartments: $265,900.
“Market remained elevated in March."
“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago,” Daniel John, REBGV Chair said. “Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.”
The benchmark price for a detached home is $2,118,600. This represents a 23.4 per cent increase from March 2021.
The benchmark price of an apartment home is $835,500. This represents a 16.8 per cent increase from March 2021. The benchmark price of an attached home is $1,138,300. This represents a 28.1 per cent increase from March 2021.
There were almost 11,000 Greater Toronto Area (GTA) home sales reported in March 2022, capping off the third-best March and second-best first quarter on record. Tight market conditions continued to support a double-digit annual pace of price growth, with an average selling price of $1.3 million. The average selling price dipped slightly month-over-month, bucking the regular seasonal trend
However, we did experience more balance in the first quarter of 2022 compared to last year. If this trend continues, it is possible that the pace of price growth could moderate as we move through the year,” said TRREB Chief Market Analyst Jason Mercer.
The average price for a detached home in area (416) is $1,920,018.
The average price of a semi-detached home (416) is $1,545,447.
The average price of a townhouse (416) is $1,117,469.
The average price of a condo (416) is $831,351 as reported by the Toronto Regional Real Estate Board (TREBB).
Today we are facing the most serious housing crisis ever, in this country. Yet, we continue to keep faith that our government will come and save us, even though the government has created these problems in the first place. Have you seen the latest government proposals to “help” with the housing market? I may address those in my next article. As for now…. I’m once again excited about this new gardening season.
One thing I have learned last year, the hard way, is planting seeds too early. The wait is hard, but in another week or so we should be good to go, my fellow gardeners. Thank you to all the gardeners for sharing valuable information with the community. I have lots to learn.
Are you thinking of selling your home? Call me for a free home evaluation.
Roman Krzaczek REALTOR ®
Home number: 250-285-2141